According to a press release issued on Thursday April 09, Fold is now a member of Fintech Fast Track to offer a new co-branded card with rewards spent in Bitcoin. The program aims to accelerate the integration process with Visa in order to offer start-ups the opportunity to take advantage of VisaNet.
By joining the program, Fold will soon launch a debit card that will allow customers to spend money and receive cash back on every purchase made with Bitcoin. Users can earn up to 10% of their spending on Bitcoin.
Fold: Staying true to the principles of Bitcoin
Fold was founded in 2014; it is a startup specializing in cryptography and is focused on solutions to make spending on cryptos such as Bitcoin easier in everyday life. More specifically, the startup is developing a mobile application that allows people to easily spend their Bitcoin and receive cashback.
In July 2019, Fold has already announced the integration of Bitcoin's Lightning Network into its application that helps users spend cryptos at Amazon, Starbucks, Uber and other major retailers. For Fold, it is important to remain true to Bitcoin's principles and allow users to avoid issues related to the legacy financial system, such as Know Your Customer (KYC) restrictions and mandatory signatures.
By September 2019, Fold was able to raise $2.5 million and added new features to its application by attracting new investors such as Craft Ventures, CoinShares, Slow Ventures, Goldcrest Capital, Fulgur Ventures, Thesis and others. Its users could now link a bank card to the application and generate bitcoin cashback on purchases made in cash. The Fold application is designed so that when users pay with Fold, their payment details, personal data and transaction history remain private.
Will Reeves, Fold product manager, told coindesk:
'When people spend money at retailers, they will receive rewards in Bitcoin. They can spend those rewards or withdraw them at an address on the chain. In the future, we will release an update that allows people to withdraw their rewards directly at lightning, which will reduce costs and make the system more usable'.
A few months after this announcement, the startup joined the Visa Fast Track program.
A first crypto startup in the program
Fast Track is a program to accelerate the process of integrating fintechs' payment solutions into VisaNet, Visa's global network. It has been adapted to the needs of Visa's fintech partners, adapting to their realities and providing them with faster processes, including reducing the number of boarding requirements. The program also links fintechs to platforms already certified by Visa and connects fintechs to their sponsoring banks.
The fast-track program is one of several Visa initiatives designed to support fintech companies and start-ups. These include programs such as the investment whereby Visa continually evaluates and invests in companies that have the potential to advance digital payments for our clients and their customers. Programs such as the partnership where many payment platforms and fintechs are already working with Visa globally to create new experiences for consumers and merchants.
In the case of Fold, thanks to Fast Track, the startup is now able to offer a co-branded Visa card that allows consumers to earn Bitcoin rewards. Consumers will be able to use the Fold card to spend dollars and earn Bitcoin on every purchase made with the card.
Terry Angelos, Executive Vice President and Global Director of Fintech at Visa, said:
'By joining Visa's Fast Track program, exciting Fintechs like Fold have unprecedented access to Visa's experts, technology and resources. This allows us to provide new resources that fast-growing companies need to evolve efficiently'.
This enables them to provide new resources that fast-growing companies need to evolve efficiently. Fold's CEO, Will Reeves, said: 'What we've noticed at Fold is that many people are interested in participating in the growing Bitcoin economy but don't know how to do it. Fold makes it easy for anyone to get their first Bitcoin by using the Fold card to earn Bitcoin rewards on any purchase'.
Compatible with the Lightning network, the Fold card offers consumers an easy way to earn Bitcoin rewards for their everyday spending. Fold offers Bitcoin rewards for purchases made at a number of major retailers and service providers, including Amazon, Uber and Starbucks. Users must synchronize their accounts with their existing credit cards or Lightning networks in order to receive encrypted rewards.
While several major players in the industry, including Coinbase, have been offering debit cards for spending encrypted money for some time, Fold stands out by offering the ability to spend cash (euro, dollar) while receiving Bitcoin rewards. Bitcoins earned can then be transferred to the wallet of your choice or spent directly through the application.
Written By Laetitia, Project Manager
Cartam : Free marketplace for cryptocurrency users